Iran says OPEC, allies to increase oil output by 500,000 bpd

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Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader

VIENNA (Reuters) - Iran’s oil minister Bijan Zanganeh said on Saturday that OPEC and its allies will increase oil output by close to 500,000 barrels per day after agreeing a new production deal on Friday.

OPEC agreed to a modest rise in oil production from next month but the group gave no clear targets, leaving traders guessing how much more it will actually pump.

Saudi Arabia said the increase would amount to less than 1 million bpd, while Iraq said it would be around 770,000 bpd.